Traditional brick and mortar retailers have slowly but surely started to add eCommerce websites to improve sales as well as the customer experience, but what about the other way around? Many eCommerce retailers are beginning to see the value in adding a physical storefront. This can be attributed to several factors.
“Today’s generation of customers is much more interested in experiences than objects. The power of experience is unstoppable and it will also allow you to differentiate your brand from your competitors.” – Forbes
It is much easier to provide a memorable customer experience in a physical location rather than on a website page. Personal interactions with your customers can go a long way toward building relationships and loyalty. A physical storefront allows customers to try out your products for themselves, which can be a vital step toward making a sale. Today’s customers want to experience a brand rather than just purchase products from them. A physical location makes this possible.
“Rents at retail stores are improving, given widespread traditional retail store closures. Some landlords are more open to shorter-term rent deals and pop-up concepts, so there is a lower risk to trial a physical retail store.” – Small Business Trends
Numerous brick and mortar retailers overextended their market and have since left many empty stores behind them. This has made it so property owners have decreased the rent for retail space and in some cases even offered additional incentives to prospective renters. Taking advantage of lower rents while keeping your business afloat by digital means give retailers the flexibility needed to establish a foothold in a particular area.
“Despite predictions of brick-and-mortar's decline, $3 trillion out of $3.4 trillion, or almost 90% of retail sales in the U.S. are represented by brick-and-mortar locations.” – DMN
Most Americans still prefer to make retail purchases in store. Having the chance to see, touch and demo products makes purchase decisions easier. When you focus solely on eCommerce, you eliminate what could be the majority of your ideal customers. The biggest mistake that many retailers have made is expanding too quickly. Having just a single physical location can open you up to a much bigger audience.
Investing in a physical retail location is a major step in growing your business. Click below to apply now for a merchant cash advance and to receive expert consultation from those with experience in helping small retailers grow.